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European Commission clarifies MiFID exemption rules

On August 7, the European Commission published the latest version of its questions and answers database on the EU Markets in Financial Instruments Directive (MiFID). Among the added questions and answers are clarification that firms providing investment services to non-group as well as group companies are subject to MiFID in relation to their whole business, not just non-group services. There are also clarifications on the treatment of offshore funds, the status of third parties in outsourcing arrangements, best execution obligations and securities lending, and the scope of post-trade transaction reporting. Although the European Commission’s database is not formal, legally binding guidance, it reflects the considered views of the Commission.

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